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Kendrion N.V. Annual Integrated Report 2019 Annual Integrated Report 2020 Progress during a tough year ELECTROMAGNETIC TECHNOLOGY WHERE IT MATTERS Annual Integrated Report 2020 2 Ensuring optimal use of wind energy Keeping autonomous vehicles on the move 24/7 Helping save patients’ lives Brakes in the pitch control or azimuth drives of a wind Our smart distribution system for sensor cleaning keeps Our oxygen valves and pressure regulators are used in turbine help control the nacelle ensuring the blades face optical sensors clean and autonomous vehicles on the respirators around the world to enable artificial respiration the incoming wind and capture the most energy. move, in all weather conditions. on a patient (e.g. COVID-19). Increasing safety of automated guided vehicles Driving passenger safety and comfort Releasing oxygen masks Our electromagnetic brakes increase safety in trend-setting Our products for suspension systems guarantee the highest In aircraft, our locking unit make sure that oxygen masks applications, such as automated guided vehicles (AGVs). level of passenger safety and comfort in tomorrow’s are automatically released above the seats in the event of vehicles, under different driving and road conditions. a pressure drop in the cabin. Contents Profile Strategy Report of the Executive Board Outlook Report of the Supervisory Board Financial statements Annual Integrated Report 2020 3 Enabling high-energy lasers to operate safely Keeping vehicles ‘in check’ when parked Handling heavy loads safely Our optical shutter systems with rotary solenoids Our electromagnetic actuators ensure safe and reliable The demands on the crane and hoist industry range from contribute to the safety of laser-supported industrial locking of the vehicle transmission, preventing it from heavy to awkward loads. Our holding brake with a high- processes, such as marking, cutting, and welding. rolling away. energy emergency stop fasten heavy loads during handling. Securing the safety of pedestrians and cyclists Keeping medical devices locked in place Managing continuous feeding in industrial processes In electric and hybrid vehicles, our acoustic warning Our electromagnetic brakes keep medical devices locked Our oscillating solenoids precisely manage the continuous system warns pedestrians and cyclists when the vehicle in the right position to ensure patient safety during bulk feeding of material in various automated processes. is approaching or reversing. a check-up. Contents Profile Strategy Report of the Executive Board Outlook Report of the Supervisory Board Financial statements CONTENTS Annual Integrated Report 2020 4 2 Electromagnetic technology where 24 Members of the Executive Board 180 Other information it matters 180 Provisions in the Articles of Association 24 Report of the Executive Board governing the appropriation of profit 5 Profile 25 Automotive activities 181 Independent auditor’s report financial statements 28 Industrial activities 192 Independent auditor’s report CSR information 6 Organisation 31 Financial review 37 Sustainability 195 Five-year summary 7 Preface Joep van Beurden, CEO 57 People & Culture 62 Outlook 196 Principal subsidiaries 8 Facts and figures 63 Risk management 69 Corporate Governance Report 197 About the Sustainability Report 10 World map 74 Members of the Supervisory Board 11 Strategy and financial objectives 75 Preface Henk ten Hove, 14 Lighthouse platforms Chairman of the Supervisory Board 21 Share and shareholder information 77 Report of the Supervisory Board 85 Remuneration Report 100 Financial statements PHOTOGRAPHY AND IMAGES Wessel de Groot Fotografie Kendrion N.V. Shutterstock A digital version of this Report is available on the websites www.kendrion.com and annualreport.kendrion.com along with other publications such as press releases. CONTENTS Profile Strategy Report of the Executive Board Outlook Report of the Supervisory Board Financial statements PROFILE Annual Integrated Report 2020 5 Precision. Safety. Motion. Engineering challenges of tomorrow Kendrion has been engineering Our products can be found in cars, buses, trucks, airplanes, customised systems. As a technology pioneer and innovator, precision electromagnetic actuator medical equipment, elevators, wind turbines, robots, conveyor we are always in motion and committed to creating solutions systems and components for over belts, locking systems and countless other applications. Our for the engineering challenges of tomorrow. Taking broad reliable electromagnetic actuators for active damping systems, responsibility for how we source, manufacture and conduct a century. for example, are all about safety: they ensure a comfortable and business is integrated in our processes and embedded in our safe ride when driving a car. Our electromagnetic brakes culture. precisely stop and hold drive systems in position while ensuring safety and at the same time preventing damage. Rooted in Germany, headquartered in the Netherlands and listed on the Amsterdam stock exchange, our expertise Kendrion is the trusted partner of some of the world’s market extends across Europe to the Americas and Asia. leaders in the automotive and industrial segments when it comes to designing and producing complex components and Contents PROFILEProfile Strategy Report of the Executive Board Outlook Report of the Supervisory Board Financial statements ORGANISATION Annual Integrated Report 2020 6 AUTOMOTIVE INDUSTRIAL AUTOMOTIVE INDUSTRIAL INDUSTRIAL ACTUATORS AND CONTROLS BRAKES We develop innovative mobility solutions for passenger cars and commercial vehicles focused on drive systems, fluid control and smart We focus on customised solutions We are full-line provider of actuation technologies. for the industry based on electromagnetic brakes and electromagnetics, control clutches for industrial drive technology and fluid technology. technology. Contents Profile Strategy Report of the Executive Board Outlook Report of the Supervisory Board Financial statements PREFACE Annual Integrated Report 2020 7 Progress during a tough year The year 2020 was a year like no other. As COVID-19 swept Our production facilities in Suzhou and Shanghai were hit first. As the pandemic raged, we focussed on the short-term, while through the world, we faced a global health and economic And when Europe was affected, we implemented the Chinese not deviating from these long-term goals. We fully integrated crisis like never before. Our priorities were clear. Firstly, best practice health and safety measures in our facilities around INTORQ that we acquired in January 2020. We combined protecting the health and safety of our employees and their the world. This included temperature screening, mandatory our former Industrial Control Systems and Industrial Magnetic families. Secondly, preserving our cashflow and profitability. face masks, professional deep cleaning in-between shifts, Systems into one new business unit called Industrial I am proud of the entire Kendrion team who, throughout the re-arranging of production lines to create at least 1.5 m Actuators and Controls. In Automotive we added a gratifying year, have shown unparalleled commitment, flexibility, and distance and closure of all company cafeterias. Despite the EUR 350 million to our orderbook, 70% more than our 2020 resilience. We have withstood the crisis and look to 2021 with measures, the Kendrion community has had to deal with Automotive revenue. This means we expanded our orderbook confidence – with a strong and lean organization, a growing COVID-19 in almost all locations. Unfortunately, one of our for the third consecutive year. In China, our growth continued. orderbook and a healthy balance sheet. colleagues passed away from the disease. We have decided to build a 28,000 m2 plant in Suzhou to support our sizeable and expanding orderbook. We further A tough year, with a strong finish Financially, we applied strict cost measures in all locations and improved our IT infrastructure, which helped us stay connected As the crisis started in China in the first quarter of the year and functions. In both our direct and indirect workforce, we made as more and more of our indirect workforce worked from home. reached Europe and the US as early as March 2020, its impact use of so-called short time work arrangements as production We also launched our new website, our intranet, our digital on our physical well-being, profitability and cashflow was initially volumes dropped. We deferred any investments unrelated to newsletter and a digital personal development learning platform unclear. We took immediate and decisive measures to preserve safety or revenue generation. Most of our senior management for all employees. all three. agreed to a temporary salary reduction of 15% to help preserve cashflow. ‘The Kendrion Way’ comes to life We could not have come through 2020 the way we did, Despite our precautions, Q2 was a tough quarter. without our employees. Their compassion, trust in each other As automotive factories around the world shut down, our and commitment to our company is best exemplified in The revenue dropped considerably. The second half saw a gradual Kendrion Way. We acted as One Kendrion, a global team return to more normal activity and order levels. This, combined supporting one another and holding each other accountable in with our strict cost measures, resulted in an EBITDA for H2 a positive way. In the pressure cooker of 2020, The Kendrion that was 25% above the second half of 2019. Way, has become part of our Kendrion DNA and

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